China’s Mortgage Relaxation Spurs Weekend Sales in Mega Cities
- Existing homes in Beijing, Shanghai doubled in sales: CGS-CIMB
- New homes also saw a rebound in interest, agents said
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Home sales in two of China’s biggest cities soared in the past two days following mortgage relaxations, an early sign that government efforts to cushion a record housing slowdown are helping.
Existing-home sales for Beijing and Shanghai doubled over the weekend from the previous one, according to CGS-CIMB Securities. “We were surprised by the strong pick up in Beijing and Shanghai, despite the challenging economy,” said Raymond Cheng, head of China property at CIMB.